DBS sees rising risks after rate increases boost quarterly profit

DBS CEO Piyush Gupta

SINGAPORE: Singapore's DBS Group warned inflation and geopolitical uncertainty may impact second-half performance too, after the wealth business of the bank suffered in the latest quarter, though profit beat estimates on rising interest rates.

The quarterly earnings from DBS, Southeast Asia's largest lender, rounded off a strong reporting season for Singapore banks after local peers OCBC beat estimates and United Overseas Bank flagged further improvement in net interest margins, a key profitability gauge.